Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 5 October 2023 2:22 pm

  Putin orders regulation of fuel oil prices and continuation of the ban on Russian exports

  

  Russian President Vladimir Putin has ordered the government to provide state funding to ensure a smooth heating season, including by imposing regulations on the prices of fuel oil for home heating in some regions, the Kremlin said on Thursday. Russia has been facing a fuel shortage and rising prices in …

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• 5 October 2023 1:46 pm

  The pipeline between Iraq and Turkey is ready for operation as of Wednesday

  

  Turkish Energy Minister Alp Arslan Bayraktar said on Thursday that the crude oil pipeline from Iraq via Turkey, which has been halted for about six months, is ready for operation as of Wednesday and that Ankara is preparing to start shipments. Turkey stopped flows through the oil export route from …

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• 5 October 2023 12:25 pm

  Nikkei ends a 5-day losing streak as US bond yields decline

  

  The Nikkei index snapped a five-day losing streak, recording on Thursday the largest single-day percentage jump in three months, with US Treasury yields declining from their highest levels in 16 years and investors buying stocks that fell. The Nikkei index rose 1.80 percent at the close, recording 31,075.36 points. On …

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• 5 October 2023 11:42 am

  Oil prices rise after OPEC+ maintains production cuts

  

  Oil prices rose in early trading on Thursday, compensating for part of the large losses incurred in the previous session after the OPEC+ Joint Ministerial Monitoring Committee maintained oil production cuts, meaning a continued supply shortage amid fears of an imminent decline in global economic growth. Brent crude futures rose …

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• 5 October 2023 2:51 am

  Market Drivers – US Session, September 4

  

  Before staging a rebound, the bond sell-off drove US and European rates to levels not seen in years. The benchmark German rate touched 3% for the first time since 2011, the 30-year UK yield hit 5%, and the 10-year Treasury yield peaked at 4.88% before falling to 4.73%. The bond …

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• 5 October 2023 1:30 am

  GBP/USD rallies despite UK business activity contraction

  

  The GBP/USD pair has rallied from a daily low of 1.2037 to trade at 1.2144 at the time of writing, despite UK Services PMI and Composite figures indicating a contraction in business activity. The US ADP Employment Change report and ISM Non-Manufacturing PMI reveal a slowdown in private sector hiring …

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• 5 October 2023 12:45 am

  US agencies worried although Congress avoided shutdown

  

  US agencies have stopped clearing fuel in heavily forested areas to prevent wildfire spread. A 45-day stopgap funding bill was passed just hours before agencies would have been forced to close, but employees say everything stops as the work process shifts gears. The Office of Management and Budget formally kicked …

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• 5 October 2023 12:18 am

  Canadian dollar slides as oil prices decline

  

  The USD/CAD pair reached a seven-month high of 1.3780 before falling back to 1.3730. The pair experienced an initial rebound from the 1.3700 level and is expected to climb higher if bullish momentum persists. The Canadian dollar’s chances of a short-side reversal may be increasing as the Relative Strength Index …

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• 4 October 2023 11:02 pm

  EUR/USD hits daily high post-EU Retail Sales, US ADP data

  

  The EUR/USD reached a daily high of 1.0532 on Wednesday, but Euro upside remains limited due to mixed economic data for the EU and US. Eurozone Retail Sales fell 2.1% YoY in August versus -1.2% expected, while the European Producer Price Index (PPI) improved slightly over the forecast -11.6%. European …

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• 4 October 2023 10:28 pm

  Oil dragged lower as OPEC maintains its output target

  

  While US WTI slid $3.29, or 3.69 percent, to $85.94 per barrel, Brent crude oil futures were down $3.30, or 3.63 percent. On Wednesday, October 4, oil plummeted by more than $3 a barrel as worries about macroeconomic headwinds’ impact on demand outweighed Saudi Arabia’s and Russia’s commitments to maintain …

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• 4 October 2023 8:54 pm

  Has Lagarde meant to arouse doubts about Euro, US dollar?

  

  ECB’s Christine Lagarde, has cautioned that the United States and the Eurozone should never take the status of their currencies as reserve currency for granted because nations like China and Russia are working to develop their own financial systems.The eighty-year dominance of the dollar as the world’s reserve currency has …

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• 4 October 2023 7:46 pm

  Gold price eyes recovery after a long selloff

  

  Gold price up by 0.07%; trading at $1823.78 per ounce at the time of writing. The precious metal is looking forward to recovery due to softer than expected US ADP Employment Change data. Job vacancies by US employers were upbeat in August, indicating strong labor demand. However, the US Services …

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• 4 October 2023 3:57 pm

  Reuters: The OPEC+ will likely not change its production policy

  

  OPEC+ sources told Reuters that the alliance is unlikely to change its current oil production policy when the Joint Ministerial Monitoring Committee meets on Wednesday, while Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market. Ministers of the Organization of the Petroleum Exporting Countries …

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